Verdict – Short-term neutral to bearish.
DCE iron ore retreated after rejection below important resistance at 1069.5 last Friday. Mid-run iron ore consolidate between 992.0-1069.5 area. However a breakdown on 990.5-992.0 area would indicate a potential reversal to bearish territory in long-run. Hourly CCI corrected from one week high to one week low during one trading day. Hourly slow stochastic KD created dead cross during the first hour in the morning below overbought area.
The first support is 1005.0. The first resistance is 1038.0
